The first anniversary of the establishment of the Beijing Stock Exchange: The total market value of 110 listed companies is about 200 billion yuan

Reporter Meng Ke

On September 2nd, the Beijing Stock Exchange (hereinafter referred to as the "Beijing Stock Exchange") ushered in the first anniversary of the announcement. The "Establishment of the Beijing Stock Exchange to create a main position of SMEs in service innovation" was announced at the Global Service Trade Summit held on September 2, 2021. On November 15 of the same year, the Beijing Stock Exchange officially opened and became another iconic incident of China's capital market reform.

In the past year, the reform effect of the Peking Exchange has continued to be released. The market construction has reached a new level: the number of listed companies has reached 110, SMEs account for 77%, the average daily turnover is 1.029 billion yuan, and the number of qualified investors exceeds 5.13 million households. It was nearly three times before the establishment, and institutional investors actively deployed, and the incremental "live water" continued to flow in ...

23.5 billion yuan "live water"

Irrigation Innovation SMEs

Over the past year, the Beijing Stock Exchange has helped enterprises to improve its technology, enhance core competitiveness, and support enterprises to surrender their dazzling transcripts.

Data show that as of September 2, 2022, there were 110 listed companies in the Beijing Stock Exchange. SMEs accounted for 77%, with a total market value of about 200 billion yuan. The cumulative financing of more than 23.5 billion yuan was publicly issued, with an average of 210 million yuan per number.

From the perspective of industry distribution, the proportion of strategic emerging industries and advanced manufacturing industries in the listed company of the Beijing Stock Exchange accounted for more than 80 %, covering multiple fields such as industrial materials, information technology, pharmaceutical health, "dual carbon" and consumption. Among them, 23 companies were rated as national "specialized new" giant companies, and two won the National Science and Technology Progress Award.

Zhang Keliang, the person in charge of the market business of Bohai Securities, told a reporter from the Securities Daily that supporting the development of innovative SMEs is the "command stick" of the Beijing Stock Exchange, in order to guide SMEs to deeply cultivate the segments and help enterprises' core products to break foreign monopoly abroad , Improve the independent and controllable capabilities of the industrial chain supply chain, and give full play to the important role of a strong chain to make up the chain.

Behind the amount of financing of 23.5 billion yuan, a small and medium -sized enterprise of innovative small and medium -sized enterprises rely on the "bottleneck" of the Bei Stock Exchange to break through the funds and grasp the "development" of research and development and innovation. At present, the average R & D intensity of listed companies in the Beijing Stock Exchange reaches 4.6%, which is 3.3 times that of companies above designated size.

Fujida Cai Lu Juncang told the Securities Daily that in the past year, Fujida has obtained 6 invention patents, covering three major areas of phase control array radar, aerospace, and 5G communication.

Wang Mengjun, the secretary of Wan Tong Hydraulic, told the Securities Daily that after nearly a year of "polishing and tempering", the company has made great breakthroughs in new products, new areas, and new applications around existing core products.

"From the perspective of scientific and technological research and development, the Beijing Stock Exchange continued to expand its research and development driving innovation, which in which the benchmarking enterprise gradually formed a gathering effect on the Peking Stock Exchange." Sun Jinzheng, vice president of Kaishang Securities and director of the Institute, told the Securities Daily reporter.

Zhang Keliang said that the overall PE valuation of the listed company of the Beijing Stock Exchange is about 20 times. It can be seen that the safety margin of the Beijing Stock Exchange is high. In addition, most of the enterprises of the Bei Stock Exchange have a higher growth. Considering the support of various policies in the future, the current company listed on the Bei Stock Exchange has high investment value.

According to data from the Beijing Stock Exchange, in the first half of this year, 106 listed companies in the Beijing Stock Exchange achieved operating income of 44.146 billion yuan and net profit of 4.283 billion yuan, an increase of 33.04%and 19.71%year -on -year. Among them, Jiucheng Company achieved profitability, with an average net profit of 40.4 million yuan.

Special institutional arrangement

Follow the characteristics of enterprise development

Feng Hao Fan is hanging, and the policy coexistence is constantly condensed. This year, the North Jiaotong's listing access standards, issuance review, re -financing, and trading system have formulated a system that meets the characteristics of innovative small and medium -sized enterprises.

The service objects are accurate tolerance. The four sets of listing access standards take into account different types and different characteristics innovation enterprises. Among the listed companies include both national "specialized new" giant companies and traditional industry companies with innovative characteristics; both profitable profits; both profits A large mature enterprise, the leading industry in the industry, and the leading startups that have not yet been profitable.

The issuance and listing are convenient and efficient, relying on the development advantages of the new three boards, improve the efficiency of review, the issuance and listing are smoother, and the expectations are more clear. From acceptance to completion of more than 140 days, some companies are currently only 37 days from acceptance to the meeting.

"The efficient audit speed is due to the integrated development of the Beijing Stock Exchange and the New Third Board." Sun Jinxun said that on the one hand, the listed company of the Bei Stock Exchange comes from the New Third Board innovation layer. Admission review, continuous supervision, and company governance operations are relatively standardized; on the other hand, the New Third Board has revised the layered management measures, increasing the frequency of regulatory regulation, optimizing the inlet conditions, and further strengthening the integrated development with the Bei Stock Exchange, so as to be the North The exchanges are continuously transporting backup forces.

In addition, the relevant person in charge of the Peking Stock Exchange stated that the listing of the Bei Stock Exchange for high -quality and efficient has realistic foundations and objective conditions. The first is to apply for a standard foundation in the early stage. The second is integrated development and integrated supervision to help continue to improve the quality and efficiency of review. Through the process of opening up the listing review, continuous supervision, and listing reviews, share supervision files, sort out the company that declares listed in advance, form a targeted review plan one by one, and continuously optimize the audit process mechanism. Third, the quality of intermediary agencies has continued to improve.

The financing mechanism is flexible on demand. In addition to public issuance, the listed company conducts an average of 2 times to issue financing at the listing stage of the New Third Board, with a single financing of about 50 million yuan. 2. Multiple continuous financing mechanisms. "Innovative SMEs have the characteristics of strong innovation attributes, high dependence on talents, large growth potential, and high operating uncertainty. In terms of financing expensive issues, improve the ability of the Bei Stock Exchange and the NEEQ service innovation SMEs. "Chang Chunlin, the founder and partner of Beijing Liwu Investment Management Co., Ltd., told the Securities Daily reporter.

It is worth noting that the trading system of the Peking Stock Exchange is efficient and provides a variety of transaction methods such as bidding transactions, community transactions, and agreement transfer to meet the needs of small and medium -sized market value stocks. In this regard, Chang Chunlin said that the trading system of the Peking Stock Exchange adapts to the development law of innovative small and medium -sized enterprises. Due to the reasons such as acquisition or investment, stock transfer needs to be applied for an agreement.

"Reserve Army"

Quality

"Form the initial market scale as soon as possible." Zhang Mei, deputy general manager of the Beijing Stock Exchange, recently publicly stated that the realization of the initial scale accumulation of the Bei Stock Exchange is not a simple increase, but to achieve the continuous supply of high -quality enterprises.

As of August 25, the Beijing Stock Exchange was 288 in the auxiliary enterprise, and its growth has a significant advantage. In 2021, the average operating income was 480 million yuan and 37.775 million yuan, respectively. In the past two years, the compound increased increased by 17.82%and 27.75%, respectively, 10.12 percentage points higher than the existing listed companies, respectively.

From the perspective of industry distribution, 118 companies are high -end equipment manufacturing or high -tech service industries; in terms of new attributes of specialized specialty, 81 are the new "little giants" enterprises in the auxiliary enterprise.

From the perspective of R & D, 288 companies with more than 4%in the auxiliary enterprise have 170 companies with more than 4%, and more than 5%of the companies have 123 companies, which basically reach the average level of listed companies in the Beijing Stock Exchange.

"As the cornerstone of the stock exchange, high -quality listed companies can improve the efficiency of the listing of high -quality enterprises on the Beijing Stock Exchange by setting up a green channel." Chang Chunlin believes that when the Beijing Stock Exchange forms a certain market scale, a number of benchmarks small and medium -sized enterprises can be gathered. Investors continue to bring money to make money, and then attract more large -scale and more types of investors to participate in the market transactions of the Bei Stock Exchange, and the market liquidity level will also be improved in the future.

Sun Jinxun predicts that in the future, the Peking Stock Exchange will continue to accelerate the advancement of recommendation, sponsorship declaration and reserve projects, and strictly control the quality, effectively improving the quality of practice, and the public issuance of the Bei Stock Exchange is expected to usher in the double improvement of quantities and quality.

Professional institutions hold the market value of circulating shares

The proportion increases to 12.18%

After the opening of the North Stock Exchange, various market entities participated in enthusiastically, influenced and driven each other, and the number of qualified investors has exceeded 5.13 million. The layout of more than 500 public funds, the market value of the positioning has increased steadily, VC/PE increased investment, and social security funds, insurance funds, QFII, and RQFII have all been entered. With the recent increase in new stock supply, professional institutions have maintained phased fund inflowing trend. 5 Since the beginning of the month, the value ratio of the circulation stock market has been further increased from 11.42%to 12.18%.

However, under the complex external situation, the mobility and valuation of the Bei Stock Exchange still need to be improved. Specifically, the stock of the Bei Stock Exchange is mainly small market value, the scale of circulation is small, and 83%of the company's market value is less than 1.5 billion yuan. The average daily turnover was 1.029 billion yuan. Under the impact of the external situation, about 70 % of the North Stock Exchange's daily turnover rate declined.

In Zhang Keliang's view, the current liquidity of the Bei Stock Exchange is different from the investment habits of institutional investors. Most public offerings are not good at investing in small market value companies. Adaptation process.

"For the liquidity level of the Bei Stock Exchange, it needs to be comprehensively considered." Market participants said that investors of the Bei Stock Exchange mainly focus on qualified individual investors and institutional investors. The transaction is relatively low -frequency rational. The medium and long -term income brought by growth. Therefore, the market's turnover rate should not be simply marked with other markets. At the same time, valuation fluctuations are different from traditional distribution and listing. Under the game structure of the integrated development of the market structure and the public transaction before listing, since the new shares have been listed on the innovative layer before listing, the price has shown more complicated trading game features after listing. Sex premium.

Experts believe that to strengthen the "main position", the Bei Stock Exchange also needs to improve the ability to serve innovative SMEs by optimizing the transaction mechanism, providing more financing channels, and introducing incremental funds.

Sun Jinxun suggested that first of all, accelerate the launch of the Beijing Stock Exchange Index and further promote institutional investors to enter the market by developing index products; second, appropriately reduce the threshold for investors' entry and attract more investors to enter the market; again, launch a hybrid trading system in a timely manner, and in a timely manner Provide new liquidity support for the Bei Stock Exchange.

Nine million miles of Fengpeng are lingering, and hard work. Facing the differentiated needs of innovative SMEs, the young Bei Stock Exchange also needs to grow further, provide more "personal" services, and explore the "China Plan" of inclusive finance in the capital market. We believe that the Bei Stock Exchange will be able to start with the past, and it is expected that the flowers will be more red tomorrow.

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